Ingersoll Rand Store Executive Interview Questions, Process, and Tips

Inventory management involves overseeing the ordering, storing, and usage of a company's inventory.

• It includes tracking inventory levels, ordering new items, and managing stock levels.

• Efficient inventory management helps prevent stockouts and overstock situations.

• Examples of inventory management tools include barcode scanners, inventory software, and RFID technology.

Perpetual inventory is a system of tracking inventory in real-time to provide accurate and up-to-date information on stock levels.

• Perpetual inventory involves continuously updating inventory records to reflect changes in stock levels

• It helps in preventing stockouts and overstocking by providing real-time data on inventory levels

• Barcoding and RFID technology are often used in perpetual inventory systems to track items a...read more

5'S is a methodology used to organize a workplace for efficiency and effectiveness.

• Sort - Separate necessary items from unnecessary items

• Set in order - Arrange necessary items in a logical and efficient manner

• Shine - Clean and maintain the workplace

• Standardize - Establish standards and procedures for maintaining the workplace

• Sustain - Ensure the practices are consistently followed and improved upon

Kaizen is a Japanese business philosophy of continuous improvement in processes and practices.

• Kaizen focuses on making small, incremental changes to improve efficiency and quality.

• It involves all employees in the organization, from top management to frontline workers.

• Kaizen emphasizes the importance of standardizing processes and eliminating waste.

• Examples of kaizen include implementing 5S methodology, conducting regul...read more

Stock management involves monitoring inventory levels, forecasting demand, setting reorder points, and optimizing storage space.

• Regularly monitor inventory levels to avoid stockouts or overstocking

• Forecast demand based on historical data, market trends, and seasonality

• Set reorder points to automatically replenish stock when it reaches a certain level

• Optimize storage space by organizing inventory efficiently and using t...read more